![A man who lost his life savings to scammers and then helped them launder $146,000 from various Australian accounts has been sentenced at Batemans Bay Local Court. Picture file A man who lost his life savings to scammers and then helped them launder $146,000 from various Australian accounts has been sentenced at Batemans Bay Local Court. Picture file](/images/transform/v1/crop/frm/204165555/feef55d6-2929-4bcc-b681-2dd2dc67ec3f.jpg/r0_0_1200_675_w1200_h678_fmax.jpg)
A man who lost his life savings to scammers and then helped them launder $146,000 from various Australian accounts has been sentenced at Batemans Bay Local Court.
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Terry Ronald Sharp from Bimbimbie pleaded guilty to recklessly dealing in the proceeds of general crime to the value of $100,000 or more at the courthouse on August 21.
According to documents tendered to the court, the 75-year-old retiree fell victim to an investment scam in 2021 after being convinced by scammers he would receive $US9 million if he made various bank transfers and converted deposits into cryptocurrency.
Sharp was defrauded by the scammers and lost about $350,000.
Sharp's solicitor Wayne Boom said he used all his savings, thinking he would receive millions.
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"Unfortunately, the $350,000 did not bring about him receiving the sum. Instead, he got nothing and the money was gone," Mr Boom said.
In January 2023, Sharp reconnected with the same scammers and was again convinced to launder money through his bank accounts to receive $US9 million.
"By his very actions, he never thought it was fictitious," said Mr Boom, "He had a deep-seated belief he would get this and was entitled to it".
Police documents said Sharp opened various accounts with Australian banks and began receiving online deposits from Australian citizens who had been defrauded through various known scams.
Police said he laundered the money by depositing it into cryptocurrency exchanges and withdrawing it to addresses provided to him by the scammers.
The court heard that Sharp laundered 36 fraudulently received deposits totalling $146,498 dollars.
Police documents said all the money went to scammers and Sharp admitted to only keeping $5 or less on "rare occasions".
On June 16, police searched his home and seized his desktop computer, mobile phone, notepads and documents.
Mr Boom asked Magistrate Doug Dick to consider Sharp's age, previously "clear" record and what Sharp believed to be true when handing down a sentence.
"Although it was a fictitious amount, he always thought he would get it," Mr Boom said.
"He was himself a victim and has assisted other scammers to defraud other Australian people by his recklessness."
Mr Dick said he understood that Sharp had lost everything, including his "house, nest egg and reputation".
"You've heard the expression, 'If it's too good to be true, then it's not'.
"You've held out hope and were reckless when you should have been cautious."
Sharp was fined $2000 and handed a three-year community corrections order.
He has also been ordered to repay two compensation claims totalling about $45,000.